18th November , 2013
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A plant poison becomes a money-spinner Thailand Rice Sellers Increase Some of Their Quotes; Other Asia Rice Quotes Unchanged India Government Procures Over 15 Million Tons of Rice in KMS 2013-14 So Far India Winter Rice Crop Planting Area Reaches 52,000 Hectares So Far Oryza Overnight Recap – Chicago Rough Rice Futures a Touch Lower Ahead of Final Trading Session of the Week USDA Lowers 2013-14 Global Rice Production Forecast by 3.6 Million Tons Oryza Afternoon Recap – Chicago Rough Rice Futures Pull Back Slightly as Traders Book Profits Following Yesterday’s Rally; Grains Trade Sharply Lower on Demand Worries Oryza Shares Press Release - Typhoon Haiyan Impact Discussed at AIDF Food Security Summit, Hosted at the UNCC in Bangkok Soybean, Corn Acreage Expansion Trumps Rice in Brazil, U.S. Over Last Decade Oryza White Rice Index Holds Steady as Philippines Weathers Destructive Cyclone Oryza Quick Glance at World News
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A plant poison becomes a money-spinner “The most exquisite pleasure in the practice of medicine comes from nudging a layman in the direction of terror, then bringing him back to safety again.” — Kurt Vonnegut. China has a valley in the north where the environment is very hostile — old, dark and lonely. Small plants live there very precariously. Red yeast rice is a very small plant there which has so many enemies locally as they find the rice tasty. Nature equips all of us, including red yeast rice plants, with tricks to live in spite of the hostile atmosphere. This rice produces a poison, lovastatin, which kills all foolish predators.One researcher from the U.S. government found this poison and took it back home for further study. But it proved to be pretty useless from the U.S. Army’s point of view. However, this poison was seen to be blocking an important enzyme known as the HMG-CoA reductase. This enzyme is responsible for cholesterol production in the liver. The pharma lobby found out that, lovastatin, in smaller doses, blocks cholesterol production in our liver.By this time cholesterol, the main lifeline of our existence, was already made into a demon needing to be killed at any cost. Many of you might not know that it was a lie. But we believe in telling lies to people. Truth telling and medicine just do not go together. Those of you who want to know the truth should visit the site: www.thincs.org The medical world did not have a good looking, tasty poison to bring down the cholesterol our own liver keeps producing for our good. “Right” thinking people in the pharma lobby must have had a brilliant idea. Why not use the Chinese red yeast rice plant poison to block the liver’s cholesterol factory? The other leading drug that we had at that time was cholestyramine, sand like powder, which had to be taken three times a day in two large tablespoons. A majority of patients used to vomit and stop taking the medicine. The business was not too good in that area. The plant poison came in handy at that time. Soon we created enough “evidence” to show that lovastatin reduces the cholesterol level in the blood report effectively. The FDA, in its inimitable style, approved this drug for lowering cholesterol. Industry sponsored “thought leaders” soon got into action to have several studies done to show how good this drug was and went round the world delivering talks based on company produced “science” and succeeded in convincing the gullible medical world about the virtues of this red yeast rice poison.Special conferences were organised lavishly where the invited “scientists” were feasted and entertained to boost sales and it was shown that the drug company profits went up exponentially to make shareholders happy. The company executives laughed their way to their banks!To give the reader the taste of one such conference on fat hypothesis in disease we will discuss that (in)famous Transatlantic Conference on Cholesterol, presided over by the famous Scottish scientist, Sir Michael Oliver, Professor of Cardiology at the Royal Infirmary in Edinburgh and for a term President of the Royal College of Physicians of Edinburgh and an FRS himself. He was a no-nonsense scientist and the conference ended in total disagreement about the role fat plays in vascular disease!While on his flight back over the Atlantic, Sir Michael was reading The New York Times, in which there was a report on that conference with a title: Consensus Conference on Cholesterol with his name mentioned. He was surprised and equally enraged at the blatant lie. When he landed in Edinburgh, he wrote an article in the Lancet titled Consensus or non-senses Conference on cholesterol? There was a long-drawn debate raging for a long time after. This will give you an idea how clouded the area is.
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Now we have enough and more evidence to show how dangerous this red yeast rice poison is for the human body. While it definitely reduces the blood report of the fat profile, there is still no evidence that it reduces the outcome of premature death. In fact, we have evidence to show that in the long-run these drugs increase total mortality. In medical research, patient death is of no consequence. It is only a statistic! How does this happen? The enzyme HMG-CoA reductase blocks many other routes in the liver, the most important being production of Mevalonic acid, a vital part of good health and longevity.There are rare births with congenital mevalonic acid deficiency. The child looks like an old man at one year and dies by the age of 2-3! If a doctor has seen a child with that disease, she/he will never prescribe this poison to any patient.One other salient feature needs to be mentioned here. The cell wall in our body is made up of cholesterol. The wall has to be strong to be hydrophobic. Low cholesterol levels make cell walls weak, inviting cell necrosis, something that abets cancer growth!Although the jury is still out on this poison, there is enough and more evidence to show that the red rice plant had this very powerful weapon to survive in that extremely hostile terrain in the cold valley of North China. I dare not prescribe that unless it is a terminal illness. “… that statins are a widespread conspiracy aimed at fleecing the public and ruining their health. In fact, the majority of studies show that men, just like women, die more from heart disease if they have low cholesterol levels. And yet doctors are busy prescribing cholesterol-lowering medication to millions of men around the world.” — Campbell-McBride (The writer is a cardiologist and former Vice-Chancellor, Manipal University. Email:hegdebm @gmail.com) Keywords: red yeast rice plants, plant species research, Consensus Conference on Cholesterol, medicinal research
Thailand Rice Sellers Increase Some of Their Quotes; Other Asia Rice Quotes Unchanged Nov 15, 2013
Thailand rice sellers increased their quotes for parboiled rice by about $20 per ton to about $470 - $480 per ton today. Other Asia rice sellers kept their quotes mostly unchanged. 5% Broken Rice Thai 5% rice is quoted around $400 - $410 per ton, about a $5 per ton premium over Viet 5% rice shown around $395 - $405 per ton. Indian 5% rice is quoted around $410 - $420 per ton, about a $35 per ton premium over Pak 5% rice quoted around $375 - $385 per ton. 25% Broken Rice Thai 25% rice is quoted about $380 - $390 per ton, about a $15 per ton premium over Viet 25% rice shown around $365 - $375 per ton. Indian 25% rice is quoted about $370 - $380 per ton, about a $35 per ton premium over Pak 25% rice quoted around $335 - $345 per ton. Parboiled Rice
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Thai parboiled rice is quoted around $470 - $480 per ton, up about $20 per ton from yesterday. Indian parboiled rice is quoted around $380 - $390 per ton, about a $30 per ton discount to Pak parboiled rice quoted around $410 - $420 per ton. 100% Broken Rice Thai broken rice, A1 Super, is quoted around $345 - $355 per ton, on par with Viet broken rice shown around $345 - $355 per ton. Indian broken sortexed rice is quoted about $310 - $320 per ton, about a $25 per ton discount to Pak broken sortexed rice quoted around $335 - $345 per ton. Tags: Asia rice quotes, India rice quotes, Vietnam rice quotes, Pakistan rice quotes, Thailand rice quotes
India Government Procures Over 15 Million Tons of Rice in KMS 2013-14 So Far Nov 15, 2013
The Indian government‟s rice procurement in the ongoing 2013-14 Kharif marketing season (October September) has reached around 15.38 million tons of rice as of November 14, 2013, according to the Ministry of Consumer Affairs, Food and Public Distribution. Top contributors to the central pool so far are the two northern states of Punjab (about 11.7 million tons) and Haryana (about 3.5 million tons).Government agencies have been directed to procure around 34.5 million tons of rice in the full 2013-14 Kharif marketing season (KMS) which ends in September 2014. The procurement target was lowered this year after government agencies could procure only 34.1 million tons of rice against a target of 40 million tons in 2012-13 KMS.The Indian government pays about Rs. 1,310 per quintal (about $207 per ton) for common grade paddy and Rs. 1,345 per quintal (about $213 per ton) for Grade „A‟ paddy in 2013-14 KMS. Tags: India rice procurement
India Winter Rice Crop Planting Area Reaches 52,000 Hectares So Far Nov 15, 2013
Planting area under India‟s winter season and secondary rice crop (Rabi crop) stands at around 52,000 hectares as of November 14, 2013, unchanged from planting area recorded during the same time last year, according to the Agriculture Ministry.Total Rabi crop planting (including rice and other crops) in India stands at around 22.33 million hectares, up about 6% from around 21.04 million hectares planted during the same time in 2013.Rabi rice crop in India accounted for around 13.4 million tons or about 13% of around 105 million tons produced in 2012-13. Tags: India rabi rice crop planting area
Oryza Overnight Recap – Chicago Rough Rice Futures a Touch Lower Ahead of Final Trading Session of the Week
Daily Rice E-Newsletter by Rice Plus Magazine www.ricepluss.com News and R&D Section email@example.com Cell # 92 321 369 2874
Nov 15, 2013
Chicago rough rice futures for January delivery are currently paused 1 cent per cwt (about $0.22 per ton) lower at $15.830 per cwt (about $350 per ton) as of 8:00am Chicago time. The other grains are seen mixed this morning ahead of floor trading in Chicago: soybeans are currently seen about 0.2% lower, wheat is seen about 2.2% lower, and corn is paused about 0.1% higher.U.S. stock index futures held modest gains on Friday after data had export prices falling more than expected and a gauge of manufacturing in the New York region slipping. Stock futures eased their advance only slightly in the wake of the reports, one of which had prices for U.S. exports unexpectedly falling in October, while the costs of imports into the United States also fell as a result of a steep fall in oil prices. Export prices fell 0.5 percent last month, the Labor Department said. Another report, the New York manufacturing survey, came in minus 2.2 for November, also below estimates. U.S. stock index futures are currently trading about 0.2% higher, gold is currently trading about 0.1% higher, crude oil is seen trading about 0.3% higher, and the U.S. dollar is currently trading about 0.2% lower at 8:00am Chicago time. Tags: chicago rough rice futures
USDA Lowers 2013-14 Global Rice Production Forecast by 3.6 Million Tons Nov 15, 2013
The USDA has lowered its forecast for 2013-14 global rice production to 473.2 million tons (milled basis), down about 3.6 million tons from the previous forecast, but still up almost 1% from 2012-13. The 2013-14 global rice use forecast has also been lowered 1.4 million tons to 473.1 million, still the highest on record.The USDA has lowered production forecasts for Brazil, China, India, and Pakistan mainly due to adverse weather conditions seen in these key rice producers, with India accounting for most of the cuts. India‟s 2013-14 production is now projected to reach around 105 million tons, down about 3 million tons from previous forecast. China‟s rice production is expected to reach around 141.5 million tons, down about 500,000 tons from previous forecast. Pakistan‟s rice production forecast is now lowered to around 6 million tons, down 400,000 tons from previous forecast. Brazil‟s 2013-14 production forecast has been lowered 100,000 tons to 8.2 million tons. Argentina‟s rice production forecast has been lowered to around 975,000 tons, down 65,000 tons from the previous forecast. Australia‟s 2013-14 production forecast has been lowered 50,000 tons to around 680,000 tons, while Nigeria‟s rice production in 2013-14 is expected to reach 2.77 million tons, down about 328,000 tons from the previous forecast. Production forecasts were raised for Sri Lanka, Turkey, Bangladesh, Colombia, South Korea, the U.S., and Vietnam. Sri Lanka‟s 2013-14 production forecast has been increased by 290,000 tons to a near-record 3.05 million tons. Bangladesh‟s rice production forecast has been raised 200,000 tons to a record 34.40 million tons.
South Korea‟s rice production forecast has been increased 72,000 tons to 4.24 million tons. Vietnam‟s 201314 rice production forecast has been raised 30,000 tons to 27.7 million tons. Colombia‟s 2013-14 rice production forecast was raised 180,000 tons to 1.36 million tons. Guyana‟s rice production forecast has been increased 28,000 tons to a record 470,000 tons, while rice production forecast for the U.S. has been increased 117,000 tons to 6.01 million tons. The USDA also says that total calendar year 2014 global rice trade is likely to reach a record 39.2 million tons, up almost 0.2 million tons from the previous forecast and 0.7 million above a year earlier. Export forecasts have been raised for India (up 700,000 tons to 10 million tons) and the U.S. (up 50,000 tons to 33.2 million tons), but lowered for Pakistan (down 100,000 tons to 3 million tons) and Vietnam (down 300,000 tons to 7.5 million tons). Import forecasts for 2014 have been increased for Nigeria (up 600,000 tons to 3 million tons), Cote d’Ivoire‟s (up 150,000 tons to 1.25 million tons), Tanzania (up 60,000 tons to 200,000 tons), and Australia (up 30,000 tons to 140,000 tons). Import forecasts have been lowered for Colombia (down 75,000 tons to 275,000 tons), Turkey (down 50,000 tons to 280,000 tons),Cameroon (down 25,000 tons to 500,000 tons), and Burkina (down 20,000 tons to 250,000 tons). Tags: global rice production, Global rice trade
Oryza Afternoon Recap – Chicago Rough Rice Futures Pull Back Slightly as Traders Book Profits Following Yesterday’s Rally; Grains Trade Sharply Lower on Demand Worries Nov 15, 2013
Chicago rough rice futures for January delivery settled 7.5 cents per cwt (about $2 per ton) lower at $15.765 per cwt (about $348 per ton). Rough rice futures pulled back slightly following yesterday‟s rally as prices as some traders likely took profits ahead of the weekend. Despite finishing lower on the day the market managed to finish the week higher, an impressive feat after getting off to a bearish start. Technically the move to the upside may have been overdone, which could have added additional incentive to the sell side today. The other grains closed lower today; soybeans finished the day about 2.5% lower at $13.1725 per bushel; wheat finished marginally lower at $6.4450 per bushel; and corn finished the day about 1.1% lower at $4.2200 per bushel. U.S. stocks rose on Friday, with the Dow industrials and S&P 500 positioned for a sixth week of gains, as investors embraced the notion of continued stimulus from the Federal Reserve. Rising to an intraday record 15,932.65, the Dow Jones Industrial Average was on track to end at a record for a third consecutive day. Telecommunications and financials led gains and consumer-related sectors led losses among the 10 major industry groups on the S&P 500, its gains led by Agilent Technologies, rallying after the maker of scientific instruments reported adjusted earnings that beat estimates.
Up 1.3% for the week, the S&P was on track for its longest weekly winning streak since one that ended in the middle of February. On track for its first weekly rise in three, the Nasdaq also advanced, and was up 1.4% for the week. U.S. stock markets are currently trading up about 0.4%, gold is trading about 0.2% higher, crude oil is seen trading nearly unchanged, and the U.S. dollar is seen trading about 0.2% lower at about 2:00pm Chicago time.Looking to the daily continuation chart of Chicago rough rice futures for January delivery, the market was unable to spur firm follow-through buying interest today following yesterday‟s nearly 30 cent per cwt (about $7 per ton) rally as traders may have seen the upside potential as limited. Prices pulled back to settle below the upper Bollinger band, which is noted at $15.840 per cwt (about $349 per ton) today, a level that is closely followed by technical traders. Despite beginning the week on a negative note as well as today‟s lower close, a mid-week rally was enough to see prices tick higher on the weekly chart. The market moved from $15.695 per cwt (about $346 per ton) on Friday November 8 to today‟s close 7 cents per cwt (about $2 per ton) higher. Technically the outlook for trading early next week remains positive, however prices could likely move sideways for a while as the market “rests” following a quick move higher. Today‟s trading range is noted as $15.650-$15.840 per cwt (about $345-$349 per ton).Thursday, there were 720 contracts traded, up from 521 contracts traded on Wednesday. Open interest – the number of contracts outstanding – on Thursday decreased by 20 contracts to 8,257. Tags: chicago rough rice futures, U.S. rice prices, U.S. rice market
Oryza Shares Press Release - Typhoon Haiyan Impact Discussed at AIDF Food Security Summit, Hosted at the UNCC in Bangkok Nov 15, 2013
London, 15 November 2013: AIDF Food Security Summit, hosted at the UNCC on the 26th and 27th of November in Bangkok will go ahead with the aftermath of Typhoon Haiyan acting as a sobering backdrop. The summit will provide a key opportunity for discussions, networking and fundraising and will promote concrete solutions to tackle food insecurity in Asia and the Pacific. Typhoon Haiyan has devastated vast parts of the Philippines, leaving suffering and destruction in its wake. NGOs from around the world have mobilized staff and resources and rushed to the scene to offer support. Emergency food, water and medicine supplies have begun to reach survivors but many are still in need of urgent care. In reaction to the typhoon and to force policy change, the Philippines‟ Climate Change Commissioner Yeb Saño announced a hunger strike at COP19 climate change conference in Warsaw, hosted by UNEP earlier this week. Typhoon Haiyan will also put a renewed urgency on the AIDF Food Security Summit, taking place at the UNCC in Bangkok on the 26th and 27th of November. Policy makers and sector leaders will meet to discuss effective measures for food security in Asia and the Pacific and will dedicate a special focus to disaster relief measures and how to ensure food security in the face of natural disaster. Christopher Hoffman, Emergency and Post Crisis Specialist at the International Organization for Migration, who will be speaking at the event, commented “The AIDF Food Security Summit is a great opportunity to bring
together those that need to make the decisions with those that operate in the communities”.Mr Vinod Thomas, Director General of Independent Evaluation at Asian Development Bank, one of the keynote speakers at the AIDF summit said, “Climate change is often talked about as a long term concern. However its effects on agricultural productivity are already being felt and need to be addressed immediately. If climate change cannot be mitigated much more attention needs to be given to agricultural research and adaptation to ensure future productivity gains.” Typhoon Haiyan serves as a timely reminder that issues such as food security and climate change should and must be addressed. The AIDF Food Security Summit will bring together key stakeholders and encourage discussions, networking and fundraising, as well as promoting the delivery of effective and concrete solutions to food insecurity in Asia and the Pacific. Keynote speeches will be from Mr. Shun-ichi Murata, the Deputy Executive Secretary of UN ESCAP, Mr. Hiroyuki Konuma, Assistant Director-General and Regional Representative of FAO (Asia and the Pacific) and Mr. Vinod Thomas, Director General of Independent Evaluation at Asian Development Bank.Limited space to join the discussion is still open for investors, policy makers, NGOs and relevant companies. Register at www.aidforumonline.org/registration or contact Claudia Weston, firstname.lastname@example.org for more information. Tags: press release, AIDF Food Security Summit, Typhoon Haiyan
Soybean, Corn Acreage Expansion Trumps Rice in Brazil, U.S. Over Last Decade Nov 15, 2013
Acreage expansion in heavy weigh producers Brazil and the U.S. has since increased soybean and corn acreage and production with rice left behind. According to the USDA, soybeans acreage in Brazil in 2003-04 stood at around 21.5 million hectares in 2003-04 and has increased around 34% to about 28.9 million hectares ten years later in 2013-14. Production has grown about 72% to around 88 million tons, and exports have surged by around 108% to about 42.5 million tons during the same period, making Brazil the worldâ€&#x;s largest soybeans producer, recently surpassing the U.S.Corn acreage and production is also growing. Corn acreage stood at around 12.44 million hectares in 2003-04 and increased by around 25% in ten years to about 15.5 million hectares in 2013-14. Meanwhile roduction has grown by about 71% to about 72 million tons, while exports have surged over 305% to around 18 million tons during the same period.In comparison, Brazilâ€&#x;s rice acreage stood at around 3.73 million hectares in 2003-04, but it has shrunk by about 34% to around 2.45 million hectares in 2013-14. Production has declined by around 5% to about 8.3 million tons but exports have increased by around 12 times to about one million tons in the same period, according to the USDA.U.S. soybean, corn, and rice acreage, production, and exports share a similar story. Soybean and corn demand has been lifted by rising feed demand from China, amid a dietary shift toward more meat consumption, and cornbased ethanol subsidies. The question is, at some point will rice claw back acreage from soybeans or corn? Tags: Brazil soybean production, Brazil corn production, Brazil rice production, U.S. soybean production,
Oryza White Rice Index Holds Steady as Philippines Weathers Destructive Cyclone Nov 15, 2013
The Oryz a Whit e Rice Inde x, a weig hted avera ge of globa l white rice expo rt quote
s, ended the week at $456 per ton, continuing to hover just above support at $450 per ton and up $2 per ton on the week. The index is unchanged from this time last month and is down $32 per ton from a year ago. This week, lower quotes in Thailand were offset by higher quotes in Vietnam, Pakistan, and South America; quotes held steady in the U.S. and India. The biggest event this week was Typhoon Haiyan which struck the Philippines. Little paddy was directly affected by the storm since the area was between harvests, but the devastation has been tremendous for loss of life and loss of infrastructure. It‟s not clear how much rice in storage will be lost on account of the storm, or how much the next crop‟s production will be curtailed from a lack of resources. Aid is trickling in, but it‟s been difficult to meet people‟s needs with roads and other infrastructures severely impacted. This has no doubt set the country back on its goal to becoming self-sufficient in rice but how much rice is imported, and when, is hard to say. Thailand Thailand 5% broken rice ended the week shown around $405 per ton, down about $5 per ton from a week ago, down $5 per ton from a month ago, and down $145 per ton from a year ago. While acknowledging the Bt 260 billion (about $8.2 billion) loss it has caused, the Deputy Minister of Commerce announced plans to continue the controversial rice pledging scheme despite warnings from the IMF that the program is damaging the country‟s budget (currently there is a 3.4% deficit in the country); the IMF recommendations Thailand transition to cash transfers. The government maintains that the scheme benefits farmers and increases their income while acknowledging its lack of success and the necessity for the program‟s revision. The government promises to continue the scheme until the next election in 2015. This week, though, the government was late with payments to farmers, softening Thai prices as farmers sold outside of the government program. Prices have since firmed as payments resumed. The scheme has resulted in massive stockpiles of rice that Thailand simply doesn‟t know what to do with. Thailand recently announced plans to sell 450,000 MT of rice from these stockpiles on November 19, the fifth tender it has held this year. However, earlier tender results suggest this one might not be successful, either. The tender is in efforts to free up storage space for the new crop which will be arriving soon. According to the USDA Post, Thailand has exported 4.6 million MT of rice Jan 1 – Sept 30 this year. This number is down 1.8% from the previous year, and most exports have been to Iraq and Benin, despite Thailand‟s rejection at the Iraq Grain Board‟s last four tenders. Perhaps in efforts to reduce the massive stockpiles of rice and subsequent national debt, Thailand has labeled land in 33 provinces unsuitable for growing rice. In 31 of these provinces, the land has been rezoned for sugarcane crops. The Agriculture and Cooperatives Minister claims sugarcane will give farmers a higher income on the same amount of land. Last year, Thailand was the world‟s biggest exporter of sugar (second only to Brazil), with India not far behind. This rezoning effort might be Thailand‟s latest attempt to secure its place as a leading agricultural exporter. Thailand is continuing its efforts to recruit Cambodia, Laos, Myanmar, and Vietnam to form a rice cartel to stabilize prices and fix storage problems, but the cartel is thought unlikely to get off the ground. India
India 5% rice is still indicated higher than Thai rice at $415 per ton, down about $5 per ton from a week ago, down about $5 per ton from a month ago, and down $17 per ton from a year ago. Indian rice prices have held up due to limited stocks and high overseas demand, especially in Iran and Iraq though quotes in U.S. dollars are lower on account of the weaker rupee. Several different problems have plagued the Indian rice market recently. A disease called neck blast has affected up to 6,000 hectares in Dhupguri, or 90% of the fields there, with plant flowers failing to develop into grains. Rain and poor weather seen in September resulted in excess moisture and discoloration in the rice, which prevented many farmers from selling their rice even though the ministry lowered government standards for rice procurement to 12% broken instead of the standard 4%. The government also asked that current quotas (30-75%) be lowered at the state level to 25%. Ultimately, rice procurement during the 2013-2014 Kharif marketing season (OctoberSeptember) is around 15.38 million tons of rice with northern states Punjab and Haryana leading the contributions. The Ministry of Agriculture indicates that only 340,000 hectares instead of the originally predicted 360,000 hectares have been planted with the Rabi rice crop. The decrease is due to rain and flooding, but the estimate still shows a 13.3% increase for the corresponding period in the previous year. Seeing potential for a new market, Kashmir will begin growing organic rice, red rice, rajmash, potato, and maize in 2014 with organic vegetables following in 2015, says the Minister for Agriculture.The Indian government has requested the United State‟s support getting its Food Security Law program backed by the WTO. Pakistan and other countries want the WTO to block India‟s Food Security Law in order to prevent subsidized rice from entering the global market chain and negatively affecting international prices. At the same time, India is striving to make it easier for exports. A new Risk Management System for exports promises to reduce customs clearance time and decrease costs. Currently, exports wait an average of 1.6-3.68 days and the new system promises to decrease that number to mere hours. This new system has already been used for imports since December 2005. Pakistan Pakistan 5% broken rice is quoted around $380 per ton, up $5 per ton from last week, down $5 per ton from last month, and down $58 per ton from a year ago. Currently, the United Goods Transporters Alliance strikes are keeping rice prices firm. Predictions for the 2014 crop productions are slightly lowered, with the USDA dropping its 2014 export forecast for Pakistan to 3 million tons due to flood damage to rice crops. The flooding, along with a recent outbreak of disease, suggests Basmati rice production will be down by about 20% this year. This week, Oman announced its first tender for Pakistani rice for the 2013/2014 season which is scheduled for December 10.Pakistan is debating whether to make India a Most Favored Nation (MFN), which would allow imports from India at special rates. Exporters in Pakistan favor changing India‟s status to MFN because they could re-export the rice for a profit, while rice farmers there worry cheaper rice from India would negatively impact the domestic rice industry. Due to the small amount of rice Pakistan imports from India, some sources say it‟s doubtful this will have much impact on the local market and will mostly affect the intermediaries who re-export the rice. India has already given Pakistan MFN status and taxes imports from there only 14% compared to the 70% on other countries‟ imports. Vietnam
Vietnam 5% broken rice ended the week at around $400 per ton, up about $5 per ton from a week ago, up $5 per ton from a month ago, and down $55 per ton from a year ago. Typhoon Haiyan, which violently struck the Philippines, was downgraded to a tropical storm before hitting Vietnam and had little effect on rice-growing regions of the country. Vietnam has exported 5.85 million tons of rice January – October, according to the Vietnam Food Association, down 15% from the previous year. The VFA recently lowered its projected exports for 2013 from 7.5 million MT to 6.7 million MT. In addition to decreased year-to-date numbers, this adjustment is due to a 17% decrease in October exports this year from last year and large global stockpiles of rice along with decreasing demand for Viet rice in the Southeast Asian market. Exports from India and Pakistan to African regions have further encroached on Vietnam‟s market share, and uncertainty over Thailand‟s handling of its massive stockpiles have also hindered Vietnam‟s exports. (According to the USDA, India provided about one-third of Africa‟s imports in 2013 compared to practically none in 2010, which has hurt Vietnam‟s and especially Thailand‟s market share.) Vietnam will be looking to strengthen relationships with existing markets while seeking out new markets such as China, Hong Kong, South Africa, and the Americas. It‟s not just exports that concern the country. They‟re focused on imports, too: The Ministry of Industry and Trade is reviewing plans to implement policies in 2014 that will finally allow foreign invested enterprises (FIEs) to distribute husked rice, sugarcane, tobacco, crude oil, and more. Current regulations stipulate that foreign companies use a local company for distribution of these and other products, which has increased prices on many products. Advocates of the new plan point to decreased consumer prices while opponents fear the local economic impact on the companies that currently act as intermediaries for foreign companies. Vietnam‟s Institute of Policy and Strategy for Agricultural and Rural Development maintains that the domestic distribution system for rice is already so well established that FIEs will not see the volume needed to make importing husked rice economically justifiable, but the Institute does warn that the domestic sugar market may be affected because foreign imports of sugar will be markedly cheaper than local products. US U.S. 4% broken rice is shown around $590 per ton, down $5 per ton from a week ago, down $15 per ton from a month ago, and down $5 per ton from a year ago. Despite the strange weather this year, USDA forecasts higher yields compared to last year, though total rice production is estimated down. The estimate likely won‟t change much, as harvesting is mostly completed in the U.S., with only the second crops in Texas and Louisiana still to be harvested. The National Agriculture Statistics Service predicts record yields per acre for rice, corn, cotton, and soybeans in Arkansas, despite disagreeable weather earlier in the year. California rice enjoyed a good year, Calrose ending with a 3.6% increase in average field yields and a recent sale to Turkey of between 70,000 and 120,000 MT of California paddy boosting the market. The U.S. is expected to be a major contender in the Iraq tender November 18, which will include medium grain white rice. The U.S. government has yet to pass a new Farm Bill, with some economists predicting a 50/50 chance of Congress passing the five-year farm bill before the end of the year due to political gridlock over SNAP. There are currently two different versions of the Farm Bill, and one aspect of it that has received less media attention than the food assistance portion of the bill addresses sources for food sent to other countries for aid. The House
version of the bill doesn‟t change the current policy, which requires all food used for aid be shipped directly from the U.S. and half of it on U.S.-flagged vessels. The Senate version, however, would allow up to 45% of food aid dollars to be used to buy food in (or near) the country in need. Food may be obtained more efficiently locally, but critics are concerned about the domestic economic repercussions of this change. Brazil/Paraguay/Uruguay Uruguay Paraguay 5% broken rice ended the week around $630 per ton, up $10 per ton from a week ago, up about $10 per ton from a month ago, and down about $10 per ton from a year ago. Brazil 5% broken rice is shown around $685 per ton, up about $65 per ton from a week ago and up about $45 per ton from a week ago, while up about $85 per ton from a year ago.Rain in recent weeks has delayed late planting across South America; planting is still 72% complete in Brazil and 90% complete in Uruguay. Uruguay has very little old crop remaining at this point, and supply and milling time in Uruguay is tight with lots of Peruvian buyers vying for January shipments. Recent sales to Iraq have also depleted Uruguay‟s stock. The Brazil market has been slow, although Cuba recently bought 50,000-80,000 tons. Next year the country will turn to more distant markets: Cooplantio, the no-tillage farmers cooperative in Brazil, will resume exports to middle East countries such as Iraq, Saudi Arabia, and Jordan next year after withholding exports to the region in 2013. Brazilian prices would be higher if not for currency depreciation; the real has depreciated 7% against the US dollar since the end of October 31. Tags: Oryza White Rice Index (WRI), Typhoon Haiyan, global rice market
Oryza Quick Glance at World News Nov 15, 2013
Financial Times – *Moody‟s has cut the credit ratings of big U.S. banks including Morgan Stanley, Goldman Sachs and JPMorgan Chase, by one notch to Baa1, Baa2 and A3, respectively, after deciding that the federal government is less likely to bail the financial institutions out if they get into future difficulties. *Iran has sharply slowed down the expansion of its nuclear program over the past three months, the international nuclear watchdog said on Thursday, providing a potential boost to ongoing nuclear talks with Tehran. *U.S. President Barack Obama moved to salvage his embattled healthcare overhaul with an unusual show of contrition over the “fumbled” rollout of the reform and a concession to allow millions of Americans to keep their insurance plans. *The Philippine government on Friday defended its efforts to deliver aid to victims of typhoon Haiyan, many of whom have received little or no assistance since the monster storm struck one week ago. *Ireland will emerge from a punishing three-year bailout with no strings attached after the government opted to return to international markets without the safety – and tough conditions – of a credit line from its EU partners. *The U.K. prime minister has said the Commonwealth is “imperfect,” but defended his trip to Sri Lanka to attend the organization‟s heads of government meeting, which begins on Friday.
*Abdel Fattah al-Sisi, Egypt‟s defense minister and de facto ruler, announced a new era of military co-operation with Moscow on Thursday after talks in Cairo with Russia‟s defense and foreign ministers. *Warren Buffett‟s Berkshire Hathaway has taken a $3.7 billion stake in ExxonMobil, handing a vote of confidence from one of the world‟s most famous investors to a company that has underperformed relative to its smaller peers in the U.S. oil industry. Wall Street Journal *Japan‟s economic slowdown over the summer has done little to change the Bank of Japan‟s view toward the economy, people familiar with the central bank‟s thinking say, suggesting that more bad signs would be needed to spur the bank into action. *The Central Intelligence Agency is building a vast database of international money transfers that includes millions of Americans' financial and personal data, officials familiar with the program say. *Major Indian sugar mills have refused to buy cane from farmers at state-mandated prices that they say would cause them to lose money, raising doubts about output in the world's second-largest sugar-producing nation. *European insurance companies celebrated a partial victory over regulators as the EU agreed on new rules, known widely as "Solvency II,” for the world's largest insurance market after more than a decade of haggling. The rules is appeared to satisfy industry demands in softening the requirement to hold more capital against potential losses in their businesses, and in easing access to fast-growing emerging markets and to North America. *Higher public and social investment in Mexico's 2014 budget should help boost economic growth next year, Finance Minister Luis Videgaray said Thursday. Mr. Videgaray said that the 4.5 trillion peso ($346 billion) budget, which the lower house of Congress gave final approval to early Thursday, raises government spending by 8.8% from 2013 levels. Public spending on infrastructure is expected to be 14% higher, including a morethan-50% increase in investment for communications and transport. *U.S. Treasury Secretary Jacob Lew said he remains confident a pan-Pacific trade deal can be signed by the end of the year, even though some of the most controversial issues have yet to be resolved. *India's seed-development major Mahyco is developing a series of genetically modified varieties of wheat and rice to boost crop yields by tackling drought, salinity and pests, a senior company official said. *China is set to start the pumps at its first deep-water natural-gas project, an engineering feat using a Chinesemade platform designed to withstand typhoons and using hundreds of miles of undersea pipelines. The field is part of Beijing's effort to more than double its use of gas to 10% of China's energy mix by 2020, helping to wean the country off the dirtier coal that produces two-thirds of its electricity. New York Times *The final shipment of civilian nuclear reactor fuel made from Soviet atomic bombs left port for the U.S. on Thursday, ending a post-Cold War program that has been a long-running boon for the American nuclear power industry. *The head of Hezbollah, the Lebanese Shiite militant group whose armed followers are fighting in Syria on the side of President Bashar al-Assad, pledged on Thursday that his forces would remain there as long as necessary. *Aeroflot, the state-controlled Russian airline, on Friday ruled out buying or aiding stricken Italian carrier Alitalia, which is seeking a cash injection to keep flying.
*Japan's exports rose in October at their fastest pace in three years in a sign that overseas demand is picking up pace again, a Reuters survey showed, which could help ease concerns about the global economic recovery. *Japan has drastically scaled back its target for reducing greenhouse gas emissions, complicating efforts to forge a global climate change pact. The new target approved by the Cabinet on Friday calls for reducing emissions by 3.8% from their 2005 level by 2020. The revision was necessary because the earlier goal of a 25% reduction from the 1990 level was unrealistic, the chief government spokesman, Yoshihide Suga, told reporters in Tokyo. *Slovenia's government won a confidence vote on Thursday over its efforts to avert an international bailout, even as the imminent cost of a bank clean-up risks tipping the euro zone country's finances over the edge. Tags: World news